2021 (4) TMI 781

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....Senior Standing Counsel Asst. by Ms. K.G. Usha Rani, Jr. S.C. For the Respondent : Mr. R. Sivaraman JUDGMENT M. DURAISWAMY, J. Challenging the order passed in I.T.A.No.1636/Mds/2013 in respect of the Assessment Year 2008-2009. on the file of the Income Tax Appellate Tribunal, Chennai,"B" Bench, (for brevity, the Tribunal), the Revenue has filed the above appeal. 2. The above appeal ....

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....a Export Company] wherein the Hon'ble Supreme Court held as follows: " ........... 28. The purpose of the amendment made by the Finance Act, 2010 is to solve the anomalies that the insertion of section 40(a)(ia) was causing to the bona fide tax payer. The amendment, even if not given operation retrospectively, may not materially be of consequence to the Revenue when the tax rates are ....

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.....e., from the date of insertion of the said provision. 29. Further, in Allied Motors (P) Limited (supra), this Court while dealing with a similar question with regard to the retrospective effect of the amendment made in section 43-B of the Income Tax Act,1961 has held that the new proviso to Section 43B should be given retrospective effect from the inception on the ground that the proviso....

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.... from the Assessment Year 2005-2006 so that an assessee should not suffer unintended and deleterious consequences beyond what the object and purpose of the provision mandates. As the developments with regard to the Section recorded above shows that the amendment was curative in nature, it should be given retrospective operation as if the amended provision existed even at the time of its insertion.....